Iowa Admin. Code r. 491-6.21 - Corporations owning racing animals
(1) All corporations must be duly licensed by
the commission on forms furnished by the commission , and in accordance with the
requirements of
491-6.17
(99D). In addition, any stockholder owning a beneficial interest of 5 percent
or more of the corporation must be licensed as an owner The corporation must
submit a complete list of stockholders owning a beneficial interest of 5
percent or more.
(2) The
corporation stockholders owning less than 5 percent of the stock of a
corporation need not be licensed; however, the commission may request a list of
these stockholders. The list shall include names, percentages owned, addresses,
social security numbers, and dates of birth. These stockholders shall not have
access to the backstretch, to the paddock area, or to the winner's circle other
than as guests of a facility, commission representatives, or designated
licensees and may be required to submit additional information as requested by
the commission representative, which may include a release for confidential
information and submission of fingerprint cards; and the commission may assess
costs, as required, for criminal history checks. This information shall be
supplied to the commission representative within 30 days of the date of the
request.
(3) Any and all changes in
either the corporation structure or the respective interest of stockholders as
described above must be notarized and promptly filed with the commission
representatives.
(4) The corporate
name under which the corporation does business in Iowa shall be considered a
kennel/stable name for purposes of these rules. It shall not be necessary for
the corporation to obtain a kennel/stable name license.
(5) A corporation, in lieu of an executive
officer, may appoint a racing manager or an authorized agent for the purposes
of entry, scratches and the signing of claim slips, among other
obligations.
(6) The commission
representative may deny, suspend, or revoke the license of a corporation for
which a beneficial interest includes or involves any person or entity that is
ineligible (through character, moral fitness or any other criteria employed by
the commission ) to be licensed as an owner or to participate in racing,
regardless of the percentage of ownership interest involved.
(7) Any stockholder holding a beneficial
interest of 5 percent or more of a corporation must, in addition to being
licensed, list any interest owned in all racing animals in which any beneficial
interest is owned.
(8) The
corporation must pay a prescribed fee to the commission .
Notes
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